Algot Invest et al. back Targovax

Other investors include existing and new backers, among them Trygve Schiørbeck and the Radium Hospital Research Foundation.

The fresh capital will be used to accelerate development of Targovax's clinical programme, including the RAS mutation-targeted therapeutic cancer vaccine pipeline.

The first results from the TG01 phase I/II study are expected by the end of 2013. Targovax is aiming to raise a further $5.5m during the autumn to complete the development of TG01 and prepare for phase III studies.

Company
Founded in October 2010, Targovax develops therapeutic cancer vaccines based on research into RAS mutations in the Norwegian Radium Hospital and Norsk Hydro.

TG01 has been granted orphan drug status in the EU and US and is currently in phase I/II of pancreatic cancer trials at Oslo University Hospital and the Radium Hospital in Norway.

People
Hanne Mette D Kristensen is the CEO of Targovax.

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